* Under the exploration deal, QP with Sonangol and Total will acquire a 30% participating interest in Block 48, located in the ultra-deep waters offshore Angola
Qatar Petroleum entered into a farm-in agreement with Sonangol, the national oil company of Angola, and Total to acquire a 30% participating interest in Block 48, located in the ultra-deep waters offshore Angola.
The block, with a drill ready opportunity, covers an area of approximately 3,600 square kilometers, and is expected to be drilled as part of a 2020/2021 drilling programme.
On the agreement, HE the Minister of State for Energy Affairs Saad Sherida al-Kaabi, also the President and CEO of Qatar Petroleum, said, “Continuing on our journey to build a world-class exploration portfolio, by securing interests in promising exploration blocks in diverse geographies, we are pleased to be part of this exciting ultra-deep water opportunity in Angola, a leading oil and gas producing country.”
Al-Kaabi added, “This is our first opportunity in Angola with both Sonangol, and our long-term partner, Total, an experienced operator with significant in-country presence. We would like to thank the Angolan authorities, and our partners in this block for their support. We look forward to a longstanding and fruitful partnership.”
The farm-in agreement is subject to customary approvals by the Angolan Government. Upon receipt of such approvals, the parties respective interests in Block 48 will be as follows: Total (40% - Operator), Sonangol (30%), and Qatar Petroleum (30%).
Block 48 is located in the ultra-deep waters offshore Lower Congo Basin, approximately 400 km northwest of Luanda and 200km West of Soyo onshore facilities. The average water depth in the block is around 2,500 meters.